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Singapore is one of the world’s dominant international financial centres. The country possesses high levels of transparency, a robust legal system and plentiful regulation. It also has an advanced telecommunications infrastructure, allowing global financial interactions to take place. Singapore’s financial sector provides a range of services including commercial banking, insurance, investment banking and treasury services. There are numerous merchant banks, remittances, designated clearing houses and finance holding companies, all of which denote a sophisticated and developed financial sector. Singapore possesses a whole range of international and local banks, ranging from the native Bank of Singapore Ltd and the Islamic Bank of Asia Ltd, to Citibank, HSBC, Standard Chartered and BNP Paribas. In 2012, there were 121 commercial banks operating in Singapore, of which 115 were foreign. Of the foreign owned banks, 36 were concerned with offshore banking.

Regulation of Financial Services

The financial services regulator is the Monetary Authority of Singapore (MAS), the country’s central bank which regulates under the Banking Act and the Financial Advisers Act. The MAS is responsible for licensing banks, risk management, regulating primary dealers and for the running of anti-money laundering and the countering of financing terrorism (AML/CFT). In this regard, Singapore is also a significant contributor to the Financial Action Task Force (FAFTF), an inter-governmental body set up to protect the international financial system by developing measures to combat money laundering and the financing of terrorism alongside other related threats. The banking sector as a whole is solid – the World Economic Forum’s Global Competitiveness Report (2012-2013) places Singapore in 8th position in the world (out of 144 countries) in terms of soundness of banks.

Development of Financial Services

The 2011 World Bank’s Ease of Doing Business Index rates Singapore 1st out of 183 countries in overall ease of doing business. This excellent position is mirrored in regards to getting credit where the country ranks 8th worldwide and 2nd in terms of protecting investors. Singapore’s world-class position in the banking sector is reflected in the World Economic Forum’s Global Competitiveness Report (2012-2013). In availability of financial services Singapore ranks 9th out of 144 countries. Regarding the affordability of financial services it places in 5th position worldwide. The inclusivity of financial services of the country is first-rate; in 2011 98% of adults aged 15 and over held an account with a formal financial institution. In terms of ease of access to loans, the WEF gives Singapore a score of 4.7 (out of a possible 7) placing the country in 3rd place above Canada, the U.S. and Norway and well above the world mean of 2.9. Additionally, 10% of adults aged 15 and over had taken out a loan from a financial institution in the last year in 2011. Top-ranking again in financing through local equity market, Singapore comes 6th, with a score of 5.1 out of 7, just above the United Kingdom with 5.0.